After pushing the S&P 500 to another record high on Friday, investors look to be taking a breather as the major indexes trade in a tight range today. Here's a snapshot of where we sit with the Industrials and Transports. The Dow Industrials (left chart below) also closed at a new record high on Friday, but the Transports (right chart) fell a bit short. The minor underperformance of the Transports is not surprising considering that this group is more exposed to the threat of higher oil prices.
In any case, both averages are still trending bullishly, and any upward momentum could very easily provide another Dow Theory bullish confirmation as well as hurdle the psychological level of Dow 17,000.
Volatility has been trending down and now sits at levels unseen since before the financial crisis. The S&P has moved less than 1% on a daily basis for the last 45 consecutive trading days, ... Log in or subscribe to continue reading.
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